At a glance

4.0

Bankrate Score

CDs

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

BMO Alto is a new option for online-only accounts that launched in April 2023. It offers a high-yield savings account and six terms of CDs and is part of the BMO Financial Group. Customers who are looking for a competitive yield on those products will find BMO Alto to be an appealing option.

Highlights

Top CD Rates
24/7 Customer Service
No Min Balance

Overall

BMO Alto’s online high-yield savings account and CDs made their debut in 2023.

BMO Alto offers competitive yields and nationwide availability – even if you have a BMO branch near you. There are no monthly service fees and no minimum balance requirements, so the accounts are very accessible for all types of savers.

If you’re someone who relies on mobile check deposit, the savings account doesn’t currently offer that feature. So you’d need to deposit a check into another account and transfer that money over to your BMO Alto Online Savings Account.

Pros

BMO Alto’s savings APY is very competitive and the account doesn’t charge any monthly fees.
BMO Alto is available nationwide.
Both BMO Alto’s savings account and CDs don’t require a minimum opening deposit or minimum balance.
BMO Alto customer service is available 24/7.

Cons

There’s no BMO Alto app available at this time.
BMO Alto doesn’t offer mobile check deposit or a debit card.
You won’t be able to use BMO branches with your BMO Alto accounts.

We want to know what you think about BMO Alto

Do you have experience with BMO Alto? Let us know your thoughts.

BMO Alto banking products

4.7

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.60%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance for APY:

$0.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Subpar

2/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

BMO Alto savings overview

The BMO Alto Savings Account offers a competitive yield. There’s no minimum opening deposit requirement and the account has no fees, according to the bank.

BMO Alto doesn’t offer mobile check deposit. The savings account also doesn’t come with ATM access or a debit card at this time.

While the BMO Alto Savings Account doesn’t have a minimum opening deposit requirement, you must make a deposit within 90 days of your account opening date.

Customers can see their balances on the Alto website, but don’t currently have access to an app to manage their accounts.

Pros

The savings yield is very competitive.
There’s no minimum opening balance needed to get started and the account doesn’t have an ongoing minimum balance requirement either.
There are no monthly fees.

Cons

The BMO Alto Savings Account doesn’t currently support mobile check or in-person cash deposits.
You won’t be able to access your money from an ATM with the BMO Alto Savings Account, and there’s no branch access for Alto accounts.
People who leave their account with a zero balance for 90 straight days will have their account closed.

Rate history for BMO Alto's Savings account

BMO Alto

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

BMO Alto

APY

APY last updated between 11/14 and 11/20.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

4.7

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

4.30%

5/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less.

Minimum deposit:

$0.00

5/5

The minimum deposit amount a financial institution requires in order to open a CD.

Range of term lengths:

6 mos – 5 yrs

4/5

A designated amount of time that funds must be held within a CD.

Early withdrawal penalty:

Average

3/5

A penalty incurred when funds have been withdrawn from a CD before its maturity date.

Offer no-penalty or bump-up CDs:

No

0/5

A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date.

Offer IRA CDs:

No

0/5

An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.

FEATURES

3.90% – 4.50% APY

APY last updated between 11/14 and 11/20.

$0 minimum balance for APY

$0 minimum deposit to open

6 months – 4 years

BMO Alto CD overview

BMO Alto offers six terms of CDs ranging from six months to five years.

The online-only bank doesn’t have a minimum balance requirement. But you will need to fund your CD within 10 days after opening it.

Pros

BMO Alto CDs offer competitive yields.
Available CD terms range from six months to five years.
BMO Alto CDs are available nationwide.

Cons

BMO Alto doesn’t offer a no-penalty CD.
Some banks offer higher yields on CDs and savings accounts.

Rate history for BMO Alto's CD accounts

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

BMO Alto

APY

APY last updated between 11/14 and 11/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.

BMO Alto

APY

APY last updated between 11/14 and 11/20.

National average APY

Term length

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

Compare Offer

Bank fees

Fee	Charged?
Overdraft fee	None
Non-sufficient funds fee	None
Account maintenance fees	None
Out-of-network ATM fee	N/A
Excessive transaction fee	None

Customer experience

BMO Alto offers 24/7 customer service. BMO Alto doesn’t currently have an app available for download. You also won’t be able to go into a BMO branch for withdrawals or help with your BMO Alto account. BMO Alto doesn’t offer mobile check deposit or ATM access. You’ll need to deposit a check into another account and then transfer it to BMO Alto or transfer existing funds at another bank to BMO Alto if you’re looking to move funds to your BMO Alto Savings Account.

Features

Screen view

Desktop Mobile

The above images were last updated on Jan. 23, 2024.

About BMO Alto

BMO Alto launched in April 2023. BMO Alto is a trade name of BMO Bank. BMO Alto is an online bank that offers a high-yield savings account and CDs nationwide. BMO is a well-known bank that’s been around for more than 200 years.

How BMO Alto compares to other banks

Compare different account types offered by BMO Alto. Annual percentage yields (APYs) shown were updated between Nov. 14, 2024 and Nov. 20, 2024.

Selected bank BMO Alto savings account Member FDIC Bankrate score Rating: 4.7 stars out of 5 4.7 Bankrate Savings rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score.	Most comparable Citizens Access savings account Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate Savings rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
4.60%	4.15%
Minimum balance for APY
$0.00	$1.00
Estimated earnings Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
$2,300	$2,075

BMO Alto’s Online Savings Account made its debut in 2023, and it earns a highly competitive yield. This nationally available account doesn’t charge a monthly service fee, and there’s no minimum balance requirement.	Citizens Access offers a high-yield savings account with a minimum opening deposit of just one cent. This online bank doesn’t charge monthly service fees and offers a highly rated mobile app.

BMO Alto’s Online Savings account earns one of the highest yields around. Monthly fees and minimum balance requirements are nonexistent. Unlimited transfers and withdrawals are permitted.	Citizens Access’ savings account earns a competitive yield. The account charges no monthly fee and requires just a penny to open.	N/A
Transactions for this online-only account cannot be made in person at a BMO branch. Mobile check deposit is not an option and there’s no ATM access either.	ATM access to this account is not provided. As an online-only bank, Citizens Access may not be the best choice for those who prefer branch access.	N/A

Bankrate does not currently track additional product details for this bank.	APY offering: 4.15% 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. Minimum balance for APY: $1.00 5/5 The lowest deposit amount an account must have before it can earn interest. Monthly service fee: $0.00 5/5 A monthly charge a financial institution deducts from an account if certain requirements are not met. Minimum balance to avoid fee: $0.00 5/5 The lowest balance an account must maintain in order to avoid a fee. Access to funds: Good 4/5 A procedure that allows an individual or organization to access and manage the funds of another account holder.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. The lowest deposit amount an account must have before it can earn interest. A monthly charge a financial institution deducts from an account if certain requirements are not met. The lowest balance an account must maintain in order to avoid a fee. A procedure that allows an individual or organization to access and manage the funds of another account holder. Bankrate does not currently track additional product details for this bank.

Selected bank BMO Alto CD Member FDIC Bankrate score Rating: 4.7 stars out of 5 4.7 Bankrate CD rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable CFG Community Bank CD Member FDIC Bankrate score Rating: 4.7 stars out of 5 4.7 Bankrate CD rating = 4.7/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
APY APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 14, 2024 and Nov. 20, 2024.
4.30%	4.25%
Minimum deposit
$0.00	$500.00
Term
1 yr	1 yr

BMO Alto offers CD terms between 6 months and 5 years, all of which earn competitive yields. The online-only bank doesn’t have a minimum balance requirement. But you will need to fund your CD within 10 days after opening it.	CFG Bank is a regional bank that maintains branches in Maryland, although some of its accounts can be opened online. CFG offers four terms of CDs, all of which pay top-notch rates. What’s more, they require a comparatively low minimum deposit of $500.

BMO Alto CDs have highly competitive yields. You won’t need to make a minimum opening deposit. Available CD terms range from six months to five years. BMO Alto CDs are available nationwide.	CFG Bank’s CD interest rates are highly competitive. The minimum opening deposit for CDs is manageable.	N/A
You can’t withdraw your money from a BMO Alto CD until 15 days after your opening deposit. (BMO Harris’ brick-and-mortar CDs have an 11 business day policy on this, according to BMO Harris.) BMO Alto doesn’t offer a no-penalty CD. The early withdrawal penalty for CDs up to a year is on the steep side.	Only four terms of CDs are offered. No specialty CD options are available.	N/A

Bankrate does not currently track additional product details for this bank.	APY offering: 4.25% - 1 yr 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $500.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 1 yr - 5 yrs 3/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Great 5/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: No 0/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. The minimum deposit amount a financial institution requires in order to open a CD. A designated amount of time that funds must be held within a CD. A penalty incurred when funds have been withdrawn from a CD before its maturity date. A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. An IRA account which consists of CDs that typically earns fixed interest over a specified period of time. Bankrate does not currently track additional product details for this bank.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

BMO Alto customer reviews

BMO Alto has 21 reviews

Dive into community reviews below and see what others think about BMO Alto.

3.9

21 ratings

Star ranking and total number reflects the lifetime customer reviews received while this bank has been monitored by Bankrate. To help serve you with relevant information, the customer reviews shown below are limited to only those that this bank has received during the past 12 months.

Score breakdown

5 stars

38%

4 stars

33%

3 stars

14%

2 stars

5%

1 star

10%

Score by category

Overall Rating 3.9 / 5

Competitiveness of APY 4.1 / 5

Amount of fees 4.1 / 5

Customer support 4 / 5

Website / Mobile app 4 / 5

Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about BMO Alto.

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Anonymous account holder

September 13, 2024

Bmo bank is great because it meets my needs and has great customer service. Bmo is 1 of the greatest banks that helps people and myself.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account No

Anonymous account holder

September 13, 2024

I have had good experience with BMO. Good customer service, good annual money, good checking account.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

It gets the job done. Family members recommended it highly.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) Yes

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

They have been ok. Close to my house.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 3 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account No

Checking Account Yes

Anonymous account holder

September 13, 2024

Great rates, user friendly. Responsive and professional.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) Yes

Money Market Account (MMA) No

Savings Account No

Checking Account Yes

Anonymous account holder

September 13, 2024

The most important aspect of the BMO Alto Bank savings account is its competitive interest rates, which maximize your savings growth. Additionally, the account offers easy online management and no monthly fees. Overall, BMO Alto Bank offers a positive experience with responsive customer service, a wide range of banking products, a user-friendly digital platform, and convenient features like mobile banking and ATMs. However, occasional delays in customer support and limited branch locations could be areas for improvement.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

They aim to provide me personalized banking solutions and have a reputation for good customer service. They offer a range of banking services including savings and checking accounts, loans, mortgages, and investment options.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 3 / 5

Website / Mobile app 3 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

They try really hard to meet customer expectations which make them reliable. They also have excellent customer service. Their app is buggy sometimes however. They had a good joining bonus. I’ve heard good things form a friend. And I needed a relibbme bank.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 3 / 5

Website / Mobile app 1 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Anonymous account holder

September 13, 2024

No real customer service (as opposed to my other BMO Harris accounts). I believe the idea is that less personnel on it means higher interest rates. I am bummed that I can’t link my Alto account to the regular BMO Harris app that I have for my other accounts—would be more convenient to view my total financial picture.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 4 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account No

Anonymous account holder

September 13, 2024

Good customer service. Premium reliable choice.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 4 / 5

Accounts held by this user

Certificate of Deposit (CD) No

Money Market Account (MMA) No

Savings Account Yes

Checking Account Yes

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	BMO Alto APY APY last updated between 11/14 and 11/20. APY last updated between 11/14 and 11/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
09/18/2024	5.10%	0.61%
07/10/2024	5.10%	0.59%
01/29/2024	5.10%	0.58%
12/19/2023	5.10%	0.57%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	BMO Alto APY APY last updated between 11/14 and 11/20. APY last updated between 11/14 and 11/20	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
11/12/2024	3.90%	1.44%
09/18/2024	4.00%	1.47%
09/17/2024	3.90%	1.47%
08/05/2024	4.40%	1.48%
07/26/2024	4.70%	1.47%
05/31/2024	4.70%	1.50%
03/13/2024	4.60%	1.48%
01/29/2024	4.60%	1.47%
01/02/2024	4.75%	1.47%
12/19/2023	4.90%	1.44%
11/30/2023	5.20%	1.46%

BMO Alto Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about BMO Alto

BMO Alto banking products

BMO Alto savings overview

Pros

Cons

Rate history for BMO Alto's Savings account

BMO Alto CD overview

Pros

Cons

Rate history for BMO Alto's CD accounts

Bank fees

Customer experience

About BMO Alto

How BMO Alto compares to other banks

Review methodology

BMO Alto customer reviews

BMO Alto has 21 reviews

Community Reviews

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